Trov, an insurance technology firm, is partnering with Lloyds Banking Group and launching a portfolio of end-to-end digital white-labelled insurance products.
Launched on the “Powered by Trov” insurtech platform, it will enable firms to release solutions for homeowners, renters, motorists, and SMEs. The products are designed to be quickly utilised by financial organisations and insurers.
In addition, Trov and Lloyds will release an insurance product later in 2019 designed with the lifestyle of modern UK consumers in mind.
The Powered by Trov platform is made up of four core insurtech modules. These are Policy Sales, Claims, CRM, and Business Intelligence. These are the building blocks of the white-label insurance product line.
With the launch of Powered by Trov, the San Francisco-headquartered technology firm seeks to establish itself as a preferred partner for enterprise. The white-label products are supposed to innovate with little to no integrate with legacy infrastructure.
Scott Walchek, founder and CEO, Trov, said: “The launch of Powered by Trov marks the completion of our evolution from a single direct-to-consumer offering to a suite of robust, flexible insurtech applications that empower incumbents to offer relevant products to the latest generation of digital natives. We’re delighted that Lloyds Banking Group is joining us on our journey and excited to assist other financial institutions to remain competitive in the face of mounting competition by offering the types of digital insurance products their customers demand.”
Jeremy Ward, Home Insurance Commercial Director at Lloyds Banking Group, commented: “We’re excited to explore how Lloyds Banking Group can better meet our customers’ changing needs. Modern consumers expect simple, engaging experiences in anything they do, and we’re looking forward to launching innovative new products to give our customers that kind of experience.”
Founded in 2012 by Scott Walchek, Trov has raised over $114m from VCs and strategic partners. Its customers currently include Waymo, Groupe PSA, and Suncorp.